Interim report January - June 2001

Interim report January - June 2001 HL Display AB (publ) · The Group's net sales improved by 22 per cent to SEK 511.9 m (419.1). Profit before tax was SEK 35.9 m (20.8), an increase by 73 per cent. Lower investment level than previous years. Interim report January to June 2001 Sales and profit In the first six months of 2001, Group net sales rose by 22 per cent to SEK 511.9 m (419.1), compared with the same period last year. The intake of new orders continues to be very positive and the average order size kept on increasing. Around 50 per cent of net sales was invoiced in currencies tied to the Euro. In July HL Display has hedged the majority of the predicted inflow of Euro for the period July 2001 to January 2003. The period's profit before tax was SEK 35.9 m (20.8). Currency effects boosted profit before tax by SEK 6.2 m compared with last year. The price for the Group's primary raw material, PVC, has fallen further and is lower than during last year, but is still on a historically high level. Compared with last year, profits rose by SEK 3.0 m due to lower PVC prices. In comparison with last year should also be considered that HL Display as per six months 2000 had received a refund of SEK 4.5 m from the insurance company SPP. Acquisitions and sales No new acquisitions or sales of companies were carried out during the first six moths of 2001. Investments During 1998-99 larger investments were made in all the production units. This makes a lower level of investments possible than in previous years. Net investments in fixed assets during the first six months of 2001 amounted to SEK 25.7 m (28.6). Depreciation according to plan totalled SEK 22.1 (18.7) m. Financial position Liquid funds amounted to SEK 21.2 m (10.2) as at 30 June 2001. The equity/assets ratio was 45.4 (49.2) per cent, and was 47.6 per cent at year-end 2000. Personnel In the first six months of 2001, the average number of employees was 822 (757) and 839 (772) at end of the period. Outlook for the reminder of the year As stated in previous reports, profits for the whole of 2001 are expected to show an improvement on 2000. The profit margin, however, will not be in line with the long-term target of between 10 and 15 per cent over a business cycle. The growth target, an annual average growth rate of at least 20 per cent, is deemed possible this year. A more detailed forecast will be published as part of the third quarterly report. The full Interim report, including a market comment by Anders Remius, can be ordered at www.hl-display.com or by telephone +46 8 683 73 00. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2001/07/16/20010716BIT00430/bit0001.doc http://www.waymaker.net/bitonline/2001/07/16/20010716BIT00430/bit0002.pdf